National League statement - 24 June 2024

[blueveined]

National League Statement: Southend United - The Vanarama National League

The National League has this evening released the following statement regarding Southend United Football Club.

www.thenationalleague.org.uk

 

[Leeboy]

£1 million quid bond!

 

[Gremlin]

My heart just sank.

 

[Cricko]

I would say we are ****ed now.

 

[Shrimper]

Well. We're ****ed

 

[Jack_23]

R.I.P

 

[Bluegoose]

Is that legal?

 

[Flinty]

Oh dear, no way is Ron stumping that up and I can’t see the Consortium paying that either…no date has been published by the league as to when this has been lodged. If the deal isn’t completed within the next couple of weeks that’s it, even if there is a stay of execution Wednesday

 

[tottenham541]

Omg

 

[LeedsSUFC]

Wallop

 

[Spaceman Spiff]

This feels apocalyptic, but perhaps it isn’t. The Martins can’t string everyone along forever. Basically the League are saying to the Martins “ok, you want to cling on and hope for court adjournments - well, we’ll put a stop to that unless you pay us a million quid or sell up to the consortium”. There will of course be a deadline but I didn’t see it in the statement?

Hopefully, this was known to the consortium and is part of the wider strategy to keep the rats in a corner and cut off all avenues of escape.

Otherwise, it’s **** your pants time.

 

[Dutch Branch]

lost for words

 

[Magnum PI]

I’d imagine Ron is also squirming…..

 

[Uncle_Rons_Teapot]

The Martin's have ****ed about and found out

 

[Tinks]

What absolute w***ers all of them
I would ask them to name one football club that currently makes money and is not I. Some kind of debt.
Nothing like people stabbing you in the back and turning the knife in further

 

[Cricko]

National League Statement: Southend United​

 9 minutes agoBy Tom Scott

The National League has this evening released the following statement regarding Southend United Football Club.​

The National League continues to be concerned about Southend United Football Club’s ability to fulfil its financial obligations for the forthcoming National League Season.

The Club has for several months been the subject of a winding up petition (a further hearing of which is scheduled for this week) and, on 20 June 2024, filed its accounts for the year to 31 July 2023 which underscore and amplify the concerns expressed previously by the League.

Accordingly, the National League has today advised Southend United Football Club that as a result of the Club’s failure to provide the League with detailed, objective and independent evidence that the Club has sufficient funds to meet its financial obligations for the forthcoming National League season, and in light of previously-expressed concerns (underscored by the most recently-filed accounts), the Club will be required to post a bond of £1million, which will be held in escrow to the order of the League.

The bond shall remain in place until the sooner of (i) an ownership agreement with the consortium currently in talks with the Club being successfully concluded, to the satisfaction of the National League and the FA; or (ii) the Club demonstrating, to the satisfaction of the National League, that is has sufficient financial resources within its own means to meet its financial obligations for the forthcoming Season.

In the event that the Club fails to post the Bond in accordance with the requirements that have been communicated to the Club, the National League Board will meet again to consider further sanctions against the Club.

 

[Ricey]

****s is too kind of a word for these cowboys. Final nail in the coffin

 

[southendutd1906]

Fair enough. Think they’ve been more than lenient over the past few years (even though they issued a points deduction). This is it now - Martin hasn’t got a pot to **** in so he can’t pay it. I can’t imagine the consortium will have £1m to put up - especially without the security they’re seeking.

This feels very much like the final nail in the coffin.

 

[Supa Shrimpa]

WHAT !!!!!!!!!!!

 

[kentblues]

Well let’s be clear. Not paying the WUP and suffering sanctions vs paying a £1m bond!!! Surely you would either pay the WUP or simply say enough is enough

So massive pressure on COSU demand 3 now

In fact not paying the WUP and coming up with a £1m bond and screwing another season would be an option that would leave my ghast well and truly flabbered…